SUMMARY OF FINDINGS
HOUSING FINANCE FOR OWNER OCCUPATION
The total value of owner occupied housing commitments excluding alterations and additions increased by 1.7% (seasonally adjusted), while the trend series rose 1.0%.
For further information, please refer to Housing Finance, Australia (cat. no. 5609.0).
In seasonally adjusted terms, the value of total personal finance commitments fell by 1.0% in March 2007 compared with February 2007. This decrease was due to a fall in revolving credit commitments (down 2.3%) while fixed lending commitments rose (up 0.7%).
In trend terms, the value of total personal finance rose 0.2% in March 2007. The trend series for fixed lending commitments rose 0.2% and revolving credit commitments increased 0.1%.
In original terms, fixed lending commitments increased by $444m (up 15.7%) in March 2007 compared with February 2007.
All components in the original series contributed to this increase, with:
- Other, up $141m (18.2%),
- Refinancing, up $110m (20.5%) and
- Debt consolidation, up $61m (20.4%)
The seasonally adjusted series for the value of total commercial finance commitments fell by 5.0% in March 2007. A fall in fixed lending commitments (down 22.7%) more than offset an increase in revolving credit commitments (up 21.2%).
The trend series for the value of total commercial finance commitments remained virtually unchanged in March 2007. This was due to a rise in revolving credit commitments (up 2.2%) offsetting a fall in fixed lending commitments (down 1.2%).
The value of purchases of dwellings by individuals for rent or resale (seasonally adjusted) rose by 1.9% in March 2007, after a revised increase of 5.2% in February 2007. The trend series rose 3.0% in March 2007.
PURCHASE OF DWELLINGS BY INDIVIDUALS FOR RENT OR RESALE
The value of lease finance commitments (seasonally adjusted) increased by 0.5% in March 2007. The trend series for lease finance commitments rose by 1.5%.